PGA European Tour bid talks end
Friday, 22 June 2001Shares in British golf tour tournament organiser PGA European Tour fell a fifth this morning after the company said it was no longer in bid talks.
PGA, which hosts tournaments such as the British Masters on its prestigious courses around Europe, also said in a statement it was seeking to bring in a chief executive. Executive director Michael Friend will give up his executive responsibilities.
'The company has carefully considered a number of approaches and the board has concluded that none of these approaches fully reflected the value of the business or they were highly conditional,' PGA said in a statement.
The talks had been going on since late last summer. PGA said revenues for the first half, which featured a 'prolonged period of poor weather' were only marginally ahead year-on-year. PGA said it expected a satisfactory result for the whole year.
